12 Mar, 13:17

OPEC+ countries produced oil above target in February — report

Oil production totaled 35.506 mln barrels per day without Libya, Iran and Venezuela exempted from the deal performance

MOSCOW, March 12. /TASS/. OPEC+ countries participating in the oil production reduction deal increased oil production by 331,000 barrels daily in February 2025 and produced 92,000 barrels per day above the target subject to voluntary reductions and compensations, the Organization of Petroleum Exporting Countries (OPEC) said in its report.

Oil production totaled 35.506 mln barrels per day without Libya, Iran and Venezuela exempted from the deal performance. OPEC+ countries were to produce 35.414 mln barrels daily with consideration of all the possible restrictions and compensation schedules for February. Thus production was 92,000 barrels per day above the target.

Kazakhstan had the highest increase in oil production in February, by 198,000 barrels per day. Iraq increased its production by 19,000 barrels daily last month.

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